tv [untitled] November 12, 2010 12:30pm-1:00pm PST
and 12? >> aye. >> next item please. >> is it possible to skip 15 and do the rest of its? >> absolutely. >> moving on to item 14, discussing the movement of 30% for the construction contract pipeline no. 5 -- east bay reaches, and authorizes to approve anything needed for a project contingency of 223% of the original contract price. should they also call item 15 as well? >> i think you should. did >> an increase of 17% to the
existing 10% for the construction contract pipeline and authorize the general manager to approve any accumulative contract associated with circumstances of to 27% of the original contract price. >> in the interest of time, i can take questions, or if you want me to summarize further, i can do that, too. >> i will second that. >> any questions or comments on this item? all those in favor? thank you. next item, mr. secretary. >> the information you provided was helpful, and that is what
makes it possible. >> the regional construction services to c.h.p. for additional services associated with restoration science within the sunol valley region and increasing the agreement for a total not to exceed $19 million, provided that expenditures shall be limited to pre-construction of a nativity until such time as the commission views and considers the final environmental documents and determines whether or not to approve the proposed project subject to supervisors' approval. amendment no. 1 for the
agreement for additional construction services associated with habitat restoration sites within the peninsula region to execute this amendment, increasing the agreement for a total of $26 million, provided expenditures should be limited until such time as the commission considers environmental documents and determines whether or not to approve the proposed project. items 16 and 17. >> public comment? >> aye. >> so we return to item 14?
>> the principal amount of $600 billion in bonds to fund water improvement programs and subject to the approval of the board of supervisors to authorize the delivery of related documents authorizing the general manager to sell bonds on competitive negotiated basis of the general manager determines the best interest, delegating to the general manager authorization to reward bonds to the highest manager and also authorizing the resolution to the board of supervisors, of addressing the issue cannot expand the principal amount, provided that such bonds shall be subject to the terms and adopting findings for the quality act.
a continuation of existing strategies. we always try to go to market with the cheapest debt. the assets we are funding have 65 or 70 years. sometimes more. savings of 1% under our 5% planning. the reason i should say we are timing this in december as opposed to january -- congress has not removed the 35% interest rate, so this would allow them
for the project. the rest goes to cross -- costs such as construction that has been the case since the financial market melted in 2008. that is noted as a strength. your package was so large " because it contains these resolutions. the official notice of sale, the notice of intention of sale, a custody agreement, and one more
thing i want to make sure to talk to you about as well is that we have handed out an update of things that turn new information that we want to make sure we bring to you. what this does is of dates the official -- updates the official packet with the information she gave you. it also of its various tables for additional audits -- updates various tables for additional audit information. it includes a very wet october. the city attorney's office has provided an update to the proposition, and lastly, we have updated some entitlement
information, so everything we typically do and you delegate to the staff to make various updates as long as they are reviewed with the city attorney. and i will see if she has any other comments. >> i would like to point out there is a typo showing the resolution approved $500 million in bonds, whereas we are asking you to approve six. i want to make sure we got that on the record so it will be corrected. good >> it is correct every place except page 3, line 10, where it is a five instead of a six.
i am so sorry about that. >> questions. >> one other of state i would like to provide for you -- update i would like to provide for you is the last slide. there is not a market available right now. our credit rating is so high, it is higher than most bond insurers with the exception of one, and we have an equal raging. the only one that was not insured was warren buffett, and he is no longer writing insurance on municipal bonds. because we are a strong rating, you do not need to buy additional ratings.
they have chosen not to buy it either. we think there will be a normalization over the next couple years, so i want to make sure you are aware of that, and lastly, the private use. because we sell a portion of the water to california walker, we are always making sure we are selling a small amount of taxable commercial paper to make sure we provide regulation. we are really on track, and i think there are additional savings for rate-payers. >> thank you so much. >questions or comments devlin -- or comments?
>> they have to buy everything or nothing. bring the checkbook. i would also like to acknowledge mark. he is the debt manager who does the heavy lifting. if i could have the public manager rise, too. >> thank you very much barry and -- very much. >> team effort. we really appreciate it. is there a motion? >> i think we have reached the circumstances were the documents way more than i do, and i need to go on a diet, so i guess that is a commendation. >> all those in favor?
>> aye. >> where are we? >> we will now move into closed session. the first item will be if there is any public comment on closed session. >> any public comment on closed session? hearing none, we will move to a closed session. >> i will move. >> is there a second? >> if you would give me a moment, item 20 related to the chief of security concerning water and power, legal counsel, existing litigation, court of appeals for the state of california first appellate california first appellate district, filed in january 29,
>> i will move not to disclose. >> is there any additional new business experts -- new business? president vietor: i would like to take a short moment because the believe michael's mother passed. african have a few moments of silence on her behalf, i would appreciate it. -- if we can have a few moments of silence on her behalf, i would appreciate it. please pass onto mr. carlin our sympathies and condolences. >> madame president, you may
supervisor mar: good morning, everyone. we can to the regular meeting of the transportation authority finance committee. i am chair eric mar and i am joined by commercialers chris daly and sean elsbernd for my right. i would like to take a moment to thank bill differently leon and jeffri of s.f.g.t.v. for providing ack to this meeting. erika cheng is our clerk. would you call the first item? are item number 2, approval of the october 1, 2010 meeting. this is an action item. >> supervisor mar: let's open this up to pickup comment. is there anyone from the pickup who would like to speak. see none, comment is closed. we move this forward without objection. clerk next am? >> recommend approval 6 a
resolution authorizing the executive director to execute all amaster agreements and amenityment for receipt of federal and state funds. this is an action item. we have the deputy director. >> good morning, commissioner. i am the deputy director for finance and administration. i am bringing before you a routine administrative item to alou access to grants. typically we receive notification that the grants have been awarded. and as part of the grant procedure, we are required to obtain authorization from the board of commissioners before entering into these grants. we have had a limited time to execute the grants. we have before you a request to continue authorizing the executive director to execute
all master agreements, and anything related to the grants so the authority can begin spending and working on projects. all we had was previously approved by the board last june. in terms of fiscal impact we will be bringing before you all the grants by mid year by amendment in february of 2011. the ccac has not yet been briefed, but will be on the next meeting on december 8, 2010. with that i am seeking authorization to renew the authorization to allow the executive director to enter all grants awarted from the caltrans -- awarded from the caltrans organization. if you have any questions, i would be happy to answer them. >> are there any members of the member who would like to be heard on this item?
seeing none, i would like to close public cox. colleagues, can we move this forward with recommendation? yes. of next item. >> report of internet counting report. >> cynthia fong. this is an information item. this is the first quarterly report of fiscal year 2010-2011. as of seven 30, again, we had $106 million in cash invehement ys -- invehement as and other outside accounts. assets totaled to about $106.5 million for cash. liabilities totaled to $218.9 million at of september 30, 2010. sales tax revenues have been
received up to $15 for the first three months. sexeend tours are at -- expenditures of -- are at 2-1 million for the first three months. we have 93% sitting in the pool and the amount of money we have provides sufficient wick lidity -- liquidity to anticipate the next six months of expenditures by the authority. >> mrs. fong, could you explain about the $110 liability under the end reserve? >> sure. on page 11 we have a balance of unreserved fund balance of $109.8 million. for our organization, the transportation authority fund sponsors many of the capital projects with caltrans -- i'm sorry caltrain, with bart, with
city departments such as m.t.a., b.p.w. -- d.p.w., and tjpa. all they are passioned through these sponsors, but the assets for building these projects are not an asset we book on the authority's books. instead what we have is $150 million commercial paper we issued back in 2004 to fund all these projects. as a result of that where we don't have the option to record these assets on our books, all these assets are recorded on the respondents' backs and leads to a negative number of $108 million. in c0r ands with the budget approved in june, we intend to
-- in accordance with the budget approved in june, we will have a positive enough. supervisor mar: let's open up this up for public comment. seeing none, poub comment is closed. colleagues, can we move this forward without objection? >> this is an informational item. >> mrs. cheng, could we have the next report. >> a report on the results of the november 2, 2010 general election. this is an information item. supervisor mar: i know mr. watts has some interesting news. >> briefly i was going to cover two themes as it relates to the elections. first, what happened in the state legislation, and second aerial i was going to address the key impacts. in the assembly, there was one seat that changed parties.
out of the 80 seats, there was only one, and that was a seat that had been held by republicans for quite a while, the 5th district out of sacramento and areas east. democrat richard pann succeeded in taking that seat. and then the 31st district where the incumbent had switched to independent in mid course. that was filled by democratic henry pierre. the caucuses will line up with 52 democrats and 28 republicans. that is the strongest majority the democrats have had no a couple of decades, i think. in the senate, there was no real change. the one competitive seat had been formerly held -- or had been held by a republican, and that was the 12th senate district in the central valley.
the incumbent is off to congress and the race to replace him was between two candidates. that didn't change the proportions in the caucus. there will be two special elections. in the 28th district we had the sad passage of the incumbent, vacating the seat a couple of days before the election. nevertheless, the electorate elected to fill the seat. it will now go into special election. in the first senate district, roger neli, a sitting assembly republican squared off against ted gaines in the primary. gaines is now going to go against democratic rancho
cordova kell cooley. he is a very experienced sacramento hand if he is able to pull off. supervisor mar: supervisor maxwell has a well. supervisor maxwell: can you say the independent in central valley went back to being a democrat? >> no, the seat went back to democrat. it had been a democrat seat and a democrat prevailed. that keeps the numbers at 52. in the senate, once the two seats settle out, both expect to go the way they have for decades. we expect gaines to win, and we expect a democrat to replace peza. and that would put their proportion at 254615. >> so in your memo, you
recorded a rolling wave with the democratic governor, lieutenant governor and both house us. this is the first time in how long that much of a democratic power shift? >> yes, it is significant. you would have to go back to -- in greg davis' administration, there were prompt proportions in both houses but not at the level we have in the assembly. you might have to go back to jerry brown's governorship to have that dominant of a caucus in both houses. [inaudible] >> that's true. supervisor mar: but it does sound like california is bucking the trend of the nation? >> yes. supervisor mar: it is interesting. if you look at how the california voters voted for the propositions, where it looked more like the rest of the country. but in terms of the elected
efficiency, nowhere near the kind of sweeping wave. in congress there is only the one seat that is still under contest, and that was congressman jim costa. if you think about the so-called blue dogs across the country, a bunch of those were swept away in the wave. >> what about mcnierny. supervisor mar: you are right. on the ballot measures, there are several i could talk about, but the two prominent ones that affect transportation are 22-and 26. i will note that the passage of 25 will have and's yet undetermined positive impact on agencies buildingings. 26 is the measure that allowed the legislature to adopt a
budget. i subscribe to this argument, but i'm not trying to push people into adopting my perspective, with the comment penant numbers we are seeing in both caucuses, by the time we get to a budget vote in june and july, if we hold to that schedule, it will be much easier for them to put a budget together with this governor on time. what that means for the transportation agency, for the last several years the late budget has gone so late that it has threatened to interrupt the payment of ongoing contracts for work underway, and halted noah aloccasions and new distributions -- allocation and distribution decisions. it probably feels real to the contractors on workers on the job when the jobs shut down. that ion